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VA Loans

VA loans provide flexible, low-interest mortgages for members of the U.S. military (active duty and veterans) and their families. VA loans do not require a down payment or mortgage insurance, and closing costs are generally capped and may be paid by the seller. A funding fee is charged on VA loans as a percentage of the loan amount to help offset the program’s cost to taxpayers. This fee, as well as other closing costs, can be rolled into most VA loans or paid upfront at closing. Many lenders offer the lowest rates possible on VA loans, and some are willing to accept lower credit scores.

Pros of VA loans

The best interest rate of compared to most loan types.

Help you finance a home when you don’t qualify for a conventional loan.

Credit requirements more relaxed.

Don’t need a large down payment.

Available to repeat and first-time buyers.

No mortgage insurance and no down payment required.

Cons of VA loans

Borrower must live in the property (although you may be able to finance a multi-unit building and rent out other units).

Could have higher overall borrowing costs.

Expect to provide more documentation, depending on the loan type, to prove eligibility.

Who should get a VA loan?

For military service members, veterans and eligible spouses, VA-backed loans can be a good option — often better than a conventional loan.